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Assistance for Firms Harmed by Tariffs on Exports Act
12/31/2022, 8:59 AM
Summary of Bill HR 5289
The Assistance for Firms Harmed by Tariffs on Exports Act establishes a fund that will provide grants to eligible businesses to help offset the financial losses incurred as a result of tariffs. These grants can be used for a variety of purposes, such as covering the costs of retooling production processes, finding new markets for exports, or investing in new technologies to remain competitive in the global market.
In order to qualify for assistance under this bill, businesses must demonstrate that they have experienced a significant negative impact from tariffs on exports. They must also submit a detailed plan outlining how they intend to use the grant funds to mitigate the effects of the tariffs and improve their business operations. The Assistance for Firms Harmed by Tariffs on Exports Act is designed to provide much-needed support to businesses that have been adversely affected by tariffs on exports. By helping these businesses weather the financial challenges posed by tariffs, the bill aims to protect American jobs and promote economic growth in the face of increasing global trade tensions.
Congressional Summary of HR 5289
Assistance for Firms Harmed by Tariffs on Exports Act
This bill expands the authority of the Department of Commerce to provide trade adjustment assistance (i.e., assistance provided to companies that are adversely affected by competing imported goods and services) to firms.
Specifically, Commerce may provide such assistance to a firm that has experienced a decrease in the export of the firm's articles or services as a result of tariffs imposed on such exports by a foreign country in response to U.S. tariffs imposed on the imports of that country. Such decrease must have contributed importantly to a decline in sales or production.
Under current law, Commerce may only provide such assistance to a firm upon a determination that increases of imports of articles or services like or directly competitive with the firm's articles or services contributed importantly to a decline in sales or production.
